By the end of June 2025, the total scale of U.S. Treasury bonds has surpassed a historic high of $36 trillion. Data shows that the U.S. Treasury bonds maturing in June amount to approximately $1.45 trillion, with a significantly high proportion of short-term debt, which increases the liquidity risk in the market.

Looking ahead to the fiscal situation at the beginning of July, the scale of U.S. national debt is expected to remain at a high level, while the government will also face two major challenges: on one hand, the uncertainty that may arise from political negotiations over the debt ceiling, and on the other hand, the refinancing pressure of the huge debt.

Despite the enormous and continuously rising debt scale, the United States, due to its special status as the issuer of the global reserve currency, still has the ability to maintain such a high level of debt, which has sparked discussions and reflections within the international community regarding the stability of the global financial system.